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Avis Budget issued a press release on February 11, 2025, reporting its financial results for the fourth quarter and full year 2024. Among other items, Avis Budget reported a loss of $1.96 billion, or $55.66 per share, for the quarter, compared to a profit of $259 million, or $7.10 per share, for the same period in the prior year. The press release also announced that Chief Executive Officer (“CEO”) Joe Ferraro “will transition from CEO to Board Advisor, effective June 30, 2025” and that “Brian Choi, the Company’s Chief Transformation Officer, will take over as CEO, effective July 1, 2025.”
Following this news, Avis Budget’s stock price fell over 6% on February 11, 2025.